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No income tax payable up to Rs 12 lakh, says FM No income tax payable up to Rs 12 lakh, says FM FM's income tax announcement receives resounding claps from the House

New Structure Slab Rates: 115BAC 0 - 4 Lakhs - Nil 4 - 8 - 5% 8- 12 - 10% 12 - 16 - 20% 16 - 20 - 25% Above 20 Lakhs - 30%

0-4 lakh Rs :- Nil 4-8 lakh Rs :- 5%

💡 TDS Threshold for Senior Citizens Raised 💰 The TDS threshold for senior citizens has been increased from ₹50,000 to ₹1 lakh, providing greater tax relief for elderly taxpayers.

⏳ Extended Deadline for Updated Tax Returns 📅 The time limit to file updated tax returns has been extended from 2 years to 4 years, providing taxpayers with more flexibility and time for filing.

💰 Income Tax Reforms Focused on the Middle Class 💸 ✅ Rationalisation of TDS & TCS: ○ Fewer rates and adjusted thresholds to simplify the tax process 🧾 ○ TCS on LRS remittances raised to ₹10 lakh from ₹7 lakh 🌍 ○ TDS on rent increased to ₹6 lakh 🏠 ○ TCS on education loans up to ₹10 lakh removed 📚 These changes are designed to ease the tax burden and benefit the middle class.

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